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Bitcoin Versus The Environment: What Is Going On?

This article is written by a student writer from the Her Campus at Casper Libero chapter.

On May 13th, Elon Musk, founder of Tesla, an American automotive business, said that the vehicle manufacturer would not accept more payments in bitcoins. His explanation involves the environment. Accord to him, the mining of cryptocurrencies affects a lot of the environment. “The cryptocurrencies are a good idea in a lot of levels, and we believe that they have a lot of future, but it can have this cost for the environment”, explains.

The positioning of Musk causes a big fall on the investments. But the Tesla’s creator was not the only one involved in the case. Bill Gates, Microsoft’s founder, had manifested his preoccupation too.

The biggest problem with the mining of Bitcoins involves computers and technology. The powerful computers that made this work uses a lot of energy. This consumption represents 0,6% of the global energy production. Just 39% of bitcoin miners use sustainable energy. 

The explanation for this is because there is a lot of competition in this area, so a lot of miners choose to use the cheapest options of energy, but that kind is the most dangerous for the environment. Also, it is important to remember that bitcoins were not the biggest problem about the emission of carbon dioxide, associated with this energy production.

Musk’s speech so impacted crypto moved-related actions that the value was US$ 64 thousand to US$ 37,3 thousand, just in one week. The search for Bitcoins has increased a lot in the last year. However, unlike the dollar or other kinds of coins, bitcoin has a lot of oscillation in its value.

Bitcoin is the first coin in all the world that is not controlled by banks or credit card emission. It is the first one all-digital, too. Bitcoin is traded on the internet on its own network, the blockchain: a database where all bitcoin transactions between network participants are registered.


The article above was edited by Isabella Gomes

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Izabella Giannola

Casper Libero '23

Izabella is a student of journalism at Cásper Libero. She is passionate about sports, fashion, literature and life. She dreams of representing the power of women in journalism by doing what she loves most.